More lenders are offering lower-leverage acquisition loans of 60-75% on New York properties. “In the past, if a space was rented at $60 per square foot, banks might lend based on higher market rents, such as $70 per square foot, even if there was no available space in the building. Some banks even projected future rents of $100. It was as if it was Monopoly money,” said Ron Kremnitzer, co-chair of the real estate group at law firm Pryor Cashman. “Now not only are we seeing lower....

The content you are trying to view is restricted for Real Estate Finance Intelligence
subscribers.

To continue reading, please log in using the login box in the upper right corner of this page,
 subscribe or take a free trial.

Subscribe

Start your Real Estate Finance Intelligence service today for full access

Subscribe

Free Trial

Not ready to subscribe?

Register today for a free trial.

Free Trial